CIMB Offers Holistic Solutions to SMEs; on Track to Disburse RM15 Billion to 100,000 SMEs in Malaysia
25 September 2019
Kuala Lumpur: CIMB Bank Berhad (“CIMB Bank”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) have announced their refreshed SME business proposition to provide customers with a complete suite of solutions that go beyond banking. CIMB Bank and CIMB Islamic are also on track to disburse RM15 billion to SMEs in 2019 – 2020, having provided RM3.9 billion to Malaysian SMEs for the six-month period ending June 2019. The refreshed SME business proposition is anchored on three pillars i.e., SME Transact (e.g., cash management services; reward opportunities of up to 2% p.a. with CIMB Islamic business current account; and fee waivers on online business banking); SME Financing (e.g., no-collateral and business property financing); and SME Partners (various services from logistics, workspace and connectivity, to digital, e-commerce, as well as accounting and HR solutions in the pipeline, offered by CIMB partners).
Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group said, “With SMEs currently contributing more than one third of Malaysia’s GDP, banks have a responsibility to grow this sector, and to support the National Entrepreneurship Policy’s objective to have SMEs contribute 50% to the GDP by 2030. We have deepened our understanding of our customers, their pain points and how best to transform their journey with CIMB. Hence, the three pillars in our new SME proposition represent all the support that our SME customers need, not just in financing, but also in terms of business solutions that support their growth. Beyond financing, our support comprises knowledge-sharing and strategic partnerships, so that SMEs, start-ups and entrepreneurs can develop and scale up systematically.”
In facilitating SMEs to scale up regionally, CIMB’s partnership with Axiata Digital Capital provide 700,000 SMEs in Malaysia and Indonesia with access to financing solutions. CIMB is also in collaboration with CapBridge Pte Ltd to facilitate SMEs’ capital raising by CIMB. Further, with the world’s demand for halal products and services far outstripping supply, CIMB’s strong global network and well-established ASEAN-China Halal Corridor provide SMEs with the perfect platform to access the halal market. For this and other business needs, in collaboration with Credit Guarantee Corporation (CGC), CIMB Islamic has allocated RM2 billion unsecured Shariah financing; as well as micro financing to small business owners via the imSME, Malaysia’s first SME financing/loan referral platform, managed by CGC. Customers now have access to micro financing via imSME at 10 selected branches from September onwards with the aim of making this available nationwide by year-end.
“As an ASEAN multinational with a strong regional footprint, we are well-positioned to support SMEs that wish to take advantage of this market with its 648-million population,” added Tengku Zafrul.
In support of Malaysia’s national aspiration to nurture entrepreneurs, CIMB has committed to hold at least 1,000 talks in 2019, with 550 sessions held year-to-date, and with around 60 of these talks held in September alone, in conjunction with Bank Negara Malaysia’s SME Month. CIMB’s complimentary talks feature key tips and advice on running a successful SME, covering topics such as credit score, forex hedging, as well as growth opportunities afforded by digital, big data, e-commerce and communications. To date, over 4,000 SME business owners have benefitted from such talks.
Victor Lee Meng Teck, CEO, Group Commercial Banking, CIMB Group (front, centre); Ahmad Shazli Kamarulzaman, Deputy CEO, Group Commercial Banking, CIMB Group (front, right); Yew Teik Beng, Head, Business Banking Malaysia, Group Commercial Banking (front, left); (2nd row L-R) Alice Wong, Head, Regional Digital & Ecosystem, Group Commercial Banking; KJ Balan, Head, SME Banking Malaysia, Group Commercial Banking; and Tan Guan Leong, Head, Medium Enterprise Malaysia, Group Commercial Banking introducing CIMB’s refreshed SME business proposition in conjunction with Bank Negara Malaysia’s SME Month.
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